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HomeMy WebLinkAboutR-83-10080 f RESOLUTION NO. 83-1008 A RESOLUTION AUTHORIZING THE CITY MANArI�R TO SOLICIT PROPOSALS FROM ALL MEMBERS OF THE, AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS DOMICILED IN DAD" COUNTY, FLORIDA, TO DETERMINE THE VALUE, OF BAYSHORE PROPER- TIES INC: S LIEASEIIOLD INTEREST IN AND IMPRO- V IIENTS ON TII,, PROPERTIES LOC?1TFD AT 2550 AND 2560 SOUTH BAYSHORE DRIVE, MIAMI, FI.,O- RIDA; AND FURTIIER AUTHORIZING THE CITY MANAGER TO AWARD THE BID TO THE APPRAISER 11I-I0 BEST MEETS THE CITY' S SCHEDULE AS TO TIME AND FEE: SAID FEE TO BE PAID BY THE SUCCESSFUL BIDDER ON THE GROVE MARKET PRO- PERTIES. WiERFAS, the City of Miami is the owner of certain bayfront and baybottom property located at 2550 and 2560 South Bayshore Drive, and the property is presently under lease to Bayshore Properties, Inc.; and WHEREAS, 3ayshore Properties, Inc. has requested a twenty-five year extension of its existing lease in conjunction with proposed development of said property; and WHEREAS, it has been determined that the most advant- ageous rzthod to accomplish said property's development and under which an extension of lease may be granted is by a uni- fied development project; and WHEREAS, it has been determined that if a project proposer other than Bayshore Properties, Inc. were to be the successful proposer then that proposer would purchase from Bayshore Properties, Inc. its leasehold interest and improve- ments on the properties described; and WHEREAS, the value of interest in and improvements on the herein described properties must be determined and the method of determining value of the leasehold interest and improvements shall be by the following method: there will be an appraiser hired by Bayshore Properties, Inc. and an appraiser hired by the City of Miami; the two Opinions of value shall then be averaged provided that there is no L1 Y Q024MISSION OF OCT 27 1983 �� ,3-1008 greater than ten (10%) per cent and the difference cannot be resolved, a third appraiser shall be engaged to review and establish value in an amount between the two values of the two appraisals mentioned above; and WHEREAS, Bayshore Properties, Inc. must sign off, within five (5) working days, its acceptance or rejection after receipt of the Opinion of value; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF TIIE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is authorized to solicit proposals from all members of the American Institute of Real Estate Appraisers (MAI) domiciled in Dade County, Florida, to determine the value of Bayshore Properties, Inc. ' s leasehold interest in and improvements on the Grove Market Properties located at 2550 and 2560 South Bayshore Drive, Miami, Florida. The Bid to the MAI Appraiser who best meets the City's interest as to time and fee with said fee to be paid by the successful proposer and ultimate lessee on the Grove Market properties. Prior to the City Manager's exercise of the herein authoriza- tion, he shall consult with individual members of the City Commission each of whom shall have right to reject the City Manager's proposed award of bid. PASSED AND ADOPTED THIS 27th DAY OF October , 33 83. Maurice A. Ferre MAYOR ATTEST: CITJf CLERK PREPARED AS TO FORM AND CORRECTNESS: 4. lZI ROBERTN. SECHEN ASSISTANT CITY ATTORNEY APPROVED AS TO FOR 4 AND CORRECTNESS: r SE R. GARCIA-PEDROSA CITY ATTORNEY S3-1008 d 57 CITY OF MIAM111. FLORIDA _ TO Howard V. Gary City Manager FROM Carlos E. Garcia Director of Fina� INTER -OFFICE MEMORANDUM l:S3 CST 20 "! 8; 33 DATE suaJ=CT REFP.I.ENCES ENCLOSURES October 19, 1983 FILE. Grove Market Project Solicitation of Appraisals and Award of Bids It is recommended that the City Commission authorize the City *tanager to solicit proposals from all MAI Appraisers domiciled in Dade County for the purpose of establishing dollar value of the leashold in- terest and improvements on the property located at 2550 and 2560 South Bayshore Drive which is presently under lease by Bayshore Properties,Inc. from the City of Miami and further authorized the awarding of bid to the appraiser submitting the bid that best meets the interests of the City. Resolution 83-701, passed on July 28, 1983, declared that the most advantageous method to develop certain improvements on City owned land is by a unified development project. The recommended resolution was brought about in that Bayshore Properties, Inc., the present lessee of the subject property, has requested a twenty-five (25) year extension of its present lease. It was agreed that if a.bidder other than Bayshore Properties, Inc. was selected to be the developer of the subject property they would purchase from Bayshore Properties, Inc. the leasehold interest and improvements on the subject property that were paid for by the present lessee. Prior to a Request for Proposal being prepared for- this unified development project, value must be established as this is a part of the Request for Proposal. To this end, Bayshore Properties, Inc. will engage the services of an appraiser as will the City of Miami. These appraisers' Opinions of Value will be averaged, provided that there is no greater than a ten (10%) per cent difference between the lower of the two appraisals, using the lower as the base. If a difference is greater than ten (10%) and cannot be resolved between the parties, a third appraiser shall be engaged to review and establish value between the two values submitted by the first appraisers. After the final Opinion of Value has been received, Bayshore Properties, Inc. has five (5) working days to approve or disapprove the Opinion of Value. 83-1008 4 Howard V. Gary - 2 - October 19, 1983 City Manager At the time the opinion of value document is received, if accepted by Bayshore Properties, Bayshore Properties must provide in writing to the City of Miami, their acceptance of the value document,and as of the acceptance date, forfeit all their claims to their current lease, if they are not the successful bidder. Therefore, it is recommended that the City Manager be authorized to solicit proposals for appraisals for the subject property and award the bia to the appraiser that would best meet the interest of the City of Miami. Funds for the payment of the services of this appraiser will be provided by the developer of the Grove Market. CEG:DRS:mc Enclosures (1) 0. 83-1008 Howard V. Gary - 2 - October 19, 1983 City ;tanager At the time the opinion of value document is received, if accepted by Bayshore Properties, Bayshore Properties must provide in writing to the City of Miami, their acceptance of the value document,and as of the acceptance date, forfeit all their claims to their current lease, if they are not the successful bidder. Therefore, it is recommended that the City Manager be authorized to solicit proposals for appraisals for the subject property and award the bi�i to the appraiser that would best meet the interest of the City of Miami. Funds for the payment of the services of this appraiser will be provided by the developer of the Grove Market. CEG:DRS:mc Enclosures (1) 0. 83-1008